8 Things Every Real Estate Guru Knows

Before making the leap into buying real estate in Lowell, MA, there are a few things to consider, whether a condo, family home, or apartment purchase is in the works. This historic, beautiful area is a good place to settle down, but it’s necessary have basic real estate knowledge before signing anything.

Things to Think About Before Committing to Real Estate in Lowell, MA

Once a suitable home has been picked out, run through this checklist and see if there’s any helpful information that can be used to ensure the best deal. Deciding to buy a house is a major step, and it’s vital to have as much information as possible about real estate Lowell MA before committing to the purchase.

1.

Before starting out on a house hunt, decide and stick to a budget. Don’t look at homes that are outside of the specified price range, and be sure to include taxes, insurance, and other fees in any created budget.

2.

Pull a current credit report before going in to be pre-qualified for a home. If there are any discrepancies or mistakes, be sure to dispute them by contacting the agencies directly.

3.

Be sure the necessary cash is lined up for a down payment. In some neighborhoods, the down payment may be more substantial than previously thought. If a down payment under 20% is made, mortgage insurance is obligatory for the first year, which may add to budget concerns.

4.

Decide whether the help of an agent is necessary or whether a for-sale-by-owner purchase is the way to go. However, even if an agent is used, it’s important to go into any purchase with a basic understanding of the market.

5.

Study the local pricing, and see if trends are rising or falling. How are the homes in the neighborhood selling? Are the housing prices higher or lower than the pricing of neighboring towns or areas? Everyone’s idea of “fair” is different, and it’s important not to let emotions get in the way of making a sound financial decision.

6.

Is the neighborhood gentrifying? In other words, is there a market catalyst that will soon increase housing costs and make the home more valuable? Is a new road or school going in, or a neighborhood restaurant being built? These are all signs that now is the time to buy, before the market prices increase.

7.

Check the school rankings. For families with children, it’s especially important to move into a home or neighborhood with excellent schools. Neighborhoods that boast the best schools will usually have lots of families, making them safe places to live even if children aren’t in the picture yet.

8.

Take a look at new construction in the area. New homes sell faster than older homes in the neighborhood and may artificially spike the housing prices temporarily.